Nigeria in 1min: Economic, Business and Financial Headlines - 251119

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Monday, November 24, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: WebTV

 

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PROSHARE ECONOMY 

Nigeria's GDP Grew By 2.28% YoY In Real Terms In Q3 2019 - Nigeria's Gross Domestic Product (GDP) grew by 2.28%(year-on-year), in real terms, in the third quarter of 2019. Compared to the third quarter of 2018 which recorded a growth of 1.81%, the real GDP growth rate observed in the third quarter of 2019 indicates an increase of 0.47% points. Source NBS Read More 

Cocoa Price At An 18-Month High; Jumped By 12% YTD to $2,640 - The price of cocoa has jumped by approximately 12% year-to-date to $2,640/mt at a time of the main crop harvest. Nigeria is hoping to reach an export level of 240,000 tonnes this year. At current prices, cocoa export revenues will be at a record high. Source FDC Read More 

A Small Uptick In The FAAC Payout To N702bn In November 2019 - The gross monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounts to N702bn (US$2.26bn) in November (from October revenue). Source FBNQuest Read More 

Oil Bounces Back On New Round Of OPEC Rumors - OIR 220919 - Oil prices rebounded midweek on signs of a tighter physical market and more rumors that OPEC+ would extend the production cuts. But the market is still awaiting direction from the U.S.-China trade war - every utterance in either direction regarding tariffs has an immediate price impact. Source Oilprice Read More 

Weekly Economic and Financial Commentary - Week Ended Nov 22, 2019 - Data released by NBS revealed the Nigerian economy expanded by 2.28% YoY in Q3 2019 buoyed by improvement in both the oil (+6.5% YoY) and non-oil (+1.8% YoY) sectors. Source ARM Read More 

Senate In Fresh Bid To Abrogate States, Council Joint Account - The push for a financially independent local government system in the country has been re-energised in the Senate. A bill to amend the constitution to achieve financial autonomy for local government councils has already been gazetted and is ready for a debate on the floor of the Senate this week. Source Guardian Read More

 

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SEC Cancels Banker Confirmation In E-Dividend Registration - The huge number of unclaimed dividends in the nation's capital market may become a thing of the past, as the Securities and Exchange Commission (SEC), at the weekend, ending the use of bankers' confirmation form in processing e-dividend registration. Source Guardian Read More

 

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PROSHARE MARKETS

What To Expect From The Markets This Week- 241119 - In line with our expectation, economic growth strengthened in the third quarter of 2019, with the recently released GDP reading showing that economic activities expanded by 2.28% y/y (vs. an upwardly revised 2.12% y/y in Q2-19). Source Proshare Read More 

FIDELITYBK 9M 2019: Write-Back Supports Earnings Growth - Fidelity Bank Plc. continued its decent run in 2019, recording double-digit growth in gross earnings (+15.87%), driven by growths across its income streams; Interest income (+12.22%) and non-interest income (+13.06%). Source Meristem Read More 

November 2019 FGN Bond Auction Oversubscribed - The FGN Bond Auction by the Debt Management Office (DMO) which took place on Wednesday, November 20, 2019 was highly oversubscribed. Source DMO Read More 

NSEASI Inches Up By 0.52% WoW To Close The Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.44% to close at 26,991.42 points as against +0.36% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.12%. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 221119 - The equities market recorded mixed performance - the listed equities market recorded +0.52% gain WoW while the NASD OTC recorded by -1.03% loss WoW. Source Proshare Read More 

Dangote Flour Mills Plc Delisted From The Daily Official List of NSE - We refer to the Market Bulletin dated Monday, 28 October 2019, with Reference Number: NSE/RD/LRD/MB59/19/10/28, notifying of full suspension of trading in the shares of Dangote Flour Mills Plc (DFM or the Company). Source NSE Read More 

NASD OTC Market CAP Decreased By -1.03% WoW To Close At N507.85bn - As at close of trade week on 22 November 2019, market Capitalisation increased to N507.85 billion from last week's previous N513.12 billion, which shows a 1.03% decrease in Capitalisation. Source NASD Read More 

 

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PROSHARE BUSINESS 

CBi with Action Aid and LCCI to Unveil a MSME Web-based Solution for Ethical Compliance - The MSME sector is the backbone of major developed economies as well as important contributors to employment, economic and export growth. In Nigeria, MSMEs contribute 48% of national GDP, account for 96% of the private sector and 84% of national employment. Source CBi Nigeria Read More 

AMCON Seeks Judiciary's Support To Recover N5.4tn Debt - The Asset Management Corporation of Nigeria is seeking the support of the judiciary to recover over N5.4tn debt owed the corporation by chronic debtors. The Managing Director/Chief Executive Officer, AMCON, Mr Ahmed Kuru, said this at the 2019 Annual Seminar for Justices of the Court of Appeal. Source Punch Read More 

Sanwo-Olu Urges China Devt Bank to Raise Investment in Nigeria to $1bn - Lagos State Governor, Mr. Babajide Sanwo-Olu, has urged the China Development Bank to increase its investment in Nigeria to $1 billion.The Governor made the request at a meeting with the bank's President, Mr. Quyang Weimin, while speaking on Lagos State's infrastructural needs and areas of collaboration with the Bank in Beijing yesterday. Source Thisday Read More 

No 'Phase Two' U.S.-China Deal On The Horizon, Officials Say - An ambitious "phase two" trade deal between the United States and China is looking less likely as the two countries struggle to strike a preliminary "phase one" agreement, according to U.S. and Beijing officials, lawmakers and trade experts. Source Reuters Read More

China Plans Record Sale of Dollar Bonds With Possible $6 Billion Offering - The Ministry of Finance is considering tenors of three years, five years, 10 years and 20 years, according to the people, who asked not to be named as the talks aren't public. The ministry didn't immediately respond to a request for comment. Source Bloomberg Read More 

 

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PROSHARE MSME

First Gem Promotes Wealth Creation for Women In Nigeria - Adesola Adeduntan - First Gem, since its inception has focused on promoting a savings culture, financial literacy, wealth creation, healthy lifestyle amongst other aspects of the women part of the program, as one of First Bank of Nigeria's (FBN's) commitments to improving the lives of women in the country. Source Proshare Read More

 

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